Equities research analysts predict that Targa Resources Corp (NYSE:TRGP) will announce $2.67 billion in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Targa Resources’ earnings, with estimates ranging from $2.48 billion to $2.83 billion. Targa Resources posted sales of $2.13 billion during the same quarter last year, which suggests a positive year over year growth rate of 25.4%. The company is scheduled to announce its next earnings report before the market opens on Thursday, November 8th.
According to Zacks, analysts expect that Targa Resources will report full-year sales of $10.24 billion for the current fiscal year, with estimates ranging from $9.81 billion to $10.75 billion. For the next fiscal year, analysts forecast that the business will report sales of $10.98 billion, with estimates ranging from $10.18 billion to $12.97 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Targa Resources.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 9th. The pipeline company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.40. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.35 billion. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%.
Shares of TRGP traded down $1.01 during trading hours on Tuesday, reaching $51.44. 1,349,619 shares of the company traded hands, compared to its average volume of 1,678,056. The company has a quick ratio of 0.64, a current ratio of 0.73 and a debt-to-equity ratio of 0.74. The firm has a market cap of $11.60 billion, a P/E ratio of 514.40 and a beta of 2.08. Targa Resources has a fifty-two week low of $40.42 and a fifty-two week high of $59.21.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st will be issued a $0.91 dividend. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.08%. Targa Resources’s dividend payout ratio (DPR) is -846.51%.
In other news, Director Charles R. Crisp sold 3,100 shares of the firm’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $54.13, for a total value of $167,803.00. Following the transaction, the director now directly owns 120,105 shares in the company, valued at approximately $6,501,283.65. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Richard Klein sold 984 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total value of $54,739.92. Following the completion of the transaction, the vice president now owns 23,988 shares in the company, valued at $1,334,452.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,176 shares of company stock worth $334,507. Company insiders own 1.76% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC raised its holdings in shares of Targa Resources by 121.0% during the 2nd quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after buying an additional 1,246 shares during the period. James Hambro & Partners purchased a new stake in shares of Targa Resources during the 2nd quarter valued at about $113,000. Sit Investment Associates Inc. purchased a new stake in shares of Targa Resources during the 2nd quarter valued at about $127,000. Westbourne Investment Advisors Inc. purchased a new stake in shares of Targa Resources during the 3rd quarter valued at about $168,000. Finally, Laurel Wealth Advisors Inc. purchased a new stake in shares of Targa Resources during the 2nd quarter valued at about $201,000. Institutional investors own 91.92% of the company’s stock.
About Targa Resources
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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